Pro Minerals Closes IPO

Friday, 06 February 2009 19:45

Pro Minerals Inc. has closed its initial public offering on Friday, Feb. 22, 2008.

The IPO consisted of three million units of Pro Minerals at 25 cents per unit for proceeds of $750,000. Each unit consists of one Pro Mineral share and one-half of one Pro Mineral warrant. Each whole Pro warrant entitles the holder thereof to acquire one additional Pro share for a period of 18 months from the date of closing of the IPO at a price of 35 cents per Pro share if exercised in the first 12 months and at a price of 50 cents per Pro share if exercised thereafter.

Global Securities Corp. acted as agent for the IPO. The company has paid the agent a cash commission of $60,000 equal to 8 per cent of the proceeds and granted an option to purchase 600,000 Pro shares, equal to 20 per cent of the number of the units sold through the IPO.

The Pro shares are expected to commence trading on the TSX Venture Exchange under the symbol "PRM" on March 4, 2008.